How will you know if the Home is a "great deal"?

I often have home buyers looking for a 'great deal'.  My Zillow client reviews show 5 stars for Negotiation, and at our very first meeting I am often told, we want a Realtor who will get us the "best deal"  So the question that begs to be asked is - What is a good deal? and how will you know when you get the Best Deal? 

Price of home -  is determined by external Market conditions, essentially supply and demand.  The negotiating difference in a typical real estate transaction is about 2-3%.  The assumption being, the seller would prefer to drop the price to attract other buyers, before they will agree to a home buyer's aggressive low ball offer.  What is Market value?

Multiple bids - The whole point of a successful negotiation is, to GET the dream house after all is said and done.  Aggressive lowball offers are often rejected - so are they really helping?  Idea is to try for a win win, understand the market, compare recent sales and offer a price that will get accepted or encourage a reasonable counter offer, eventually leading to the sale.

Speculation - You want a home that will retain its value, and hopefully even appreciate in the long run, but something you love, that meets your family's needs. It is more of an investment in lifestyle and family, rather than just a financial investment.  If you want to speculate - the stock market may be a better option.  

So I urge my buyers to switch focus slightly.  

What then is a good deal?

- Is a low price the best indication of a great deal?
- Is it still a good deal if that home is in poor condition, or at a compromised location?

- Could snagging the best home in a desirable community with low turnover, be a great deal?

- Is winning a multiple bid, snatching it away from other buyers....a great deal? 

- Buying a well-maintained, move-in-ready home that needs no updating would be a great deal for a busy family right?

- Being able to negotiate at Inspections, when you were unable to budge the Purchase Price due to competition, is awesome!

- Buying now, instead of throwing away money on rent for another year - that's incredible savings right?

- Locking in low interest rate over the life of your loan is an incredible saving right?
- House hunting for years, willing to wait until you get your perfect home  is fair enough.  But the kids do needs that space or school district now -  that would be a great deal right?

All just a matter of perspective.  I bring these up in my conversations with home buyers all the time. 

The idea is to find the best home within your criteria, at the right time, at the best possible price!  

Some more info and food for thought before you start house hunting click here. 

Click here to see what your Home Worth? 

Search for Homes at BelaVoraHomes.com  

Bela Vora, REALTOR®,

Coldwell Banker Preferred 

390 Waterloo Blvd, Exton, PA 19341.

Cell: (484) 947 3127

Office: 610 363 6006

Success Story - Location and lot trumps fancy kitchen and baths

Here is a special success story. When buying his dream home in 2013, location and a large lot were a important for my client.  The newer cookie cutter homes or townhomes in the Garnet Valley area did not appeal. The older single family homes had dated interiors which were not too exciting.  The price stretched only so far - and he ended up buying an older home, that was the perfect location for his work, and in the school district he wanted for his son. While we all love the idea of moving into a home with nice interiors, it is important to make some sacrifices in order to stay within budget.  He and I had discussed these pros and cons, and he was very comfortable with the choice he made. 

Fast forward to 2020.  In some of my recent back and forth with him - he mentioned that he had done a major overhaul to his home. When I saw photos he sent me with all the renovations, it is quite a transformation, the home looks amazing. The photos show a fabulously redone kitchen and bathroom, he moved the laundry room downstairs to make it a full bath, with some nice newer decor provided by his wife (another fantastic change in his life!) he is so happy with his updated home. Check out the before and after pics!

This is exactly what I refer to, when I tell my buyer clients - you cannot change lot and location later-but you can always update the kitchen and baths. Understand how much the big ticket updates will cost you and price the home accordingly.  Prioritize based on your current needs - and plan for enhancements later.  Above al - do not stretch the budget beyond a level of comfort.

Not only does this buyer now own his dream home, he has also increased his property value significantly with his customized renovations what a great win-win situation.  Love this story!


Call me to help create one of your own!

Click here to see what your Home Worth? 

Search for Homes at BelaVoraHomes.com  

Bela Vora, REALTOR®,

Coldwell Banker Preferred 

390 Waterloo Blvd, Exton, PA 19341.

Cell: (484) 947 3127

Office: 610 363 6006

Tips for Home Buyers in a Sellers Real Estate Market..

In Chester county this past few months, we have seen a sellers real estate market, low inventories and a strong buyer demand for homes.  Great news for home sellers.  However, a little tough on home buyers fighting off competition to buy their dream house.

Here are some tips for Home Buyers in a Seller Real Estate Market 

1. Hire the right Realtor -  Sit down with your Realtor for an initial consultation to understand location, school districts, work commutes, home values, mortgage options etc.  Cannot emphasize how crucial this is.  You don't just want a Realtor who has a key to all homes you want to see...you want a professional who gives good advice, who takes time to understand what's right for YOUR family.

2. Know your 'Must haves' and 'Like to Have' in your new home - Not easy to distinguish between the two, but very important.  You will not recognize the perfect home even if it is in front of you, unless you have this clarity.  Often the home features one wants are contradictory and no home will have everything,  If it does, it comes with a price tag that may be prohibitive.  Writing it down helps.

3. Understand the paperwork and process - Whether you are a first time buyer or have been a homeowner multiple times, the real estate process differs from state to state, and even within the state, the contracts are continually updated.  Home buyers should read and understand what they are signing. When documents are signed electronically, pages flip fast and it is difficult to stay focused.  What is an escrow deposit? What should the amount be? What is an 'Escalation Addendum' and when is it used?

4. Research neighborhoods - Local tours are not just for relocating buyers.  Have your Realtor give you a tour and explain pros and cons of local neighborhoods.  This is why a Realtor friend who lives and works 20 miles away is not the person you want to hire. Work with a local Realtor who knows home values and even local news like "Builder of this neighborhood is being sued for ...."  or "that house backs up to the highway ... or there is a mushroom farm behind that neighborhood which smells..."

5. Be financially prepared - Speak with a mortgage advisor and get a preapprvoal.  Yes, I understand that you know your finances and have tried the online mortgage calculators, and have friends who give you good advice. Mortgage underwriting requirements get updated constantly, an offer may be submitted in a hurry and your lender may be unavailable to give the pre-approval, the estimate of closing costs given by the lender may include items you were unaware of (eg. HOA cap contribution)...many reasons why it helps to do this in advance.  Yes your credit score will get "dinged" if there is an inquiry - but by how much? The positives far outweigh the negatives.

6. Be a strong buyer - A buyer with the fewest contingencies is a strong buyer.   Do you need a mortgage? Do you need to sell your home before you can buy? Do you have the down payment and closing costs or will you need a sellers assist?  Will you need a "gift" from family?  Will you be putting 20% down?  Can you settle quickly or need to wait until schools are over, or lease runs out?  Sellers will look at not only the purchase price being offered, but also the other terms of the contract and the Buyers Financial Information (BFI) before they decide, and may even opt for stronger buyer over a higher purchase price.

7. Understand Inspections - Whether you will buy a new construction home or resale, understand the anatomy of a house and what the big ticket areas of fixing something in a home could be.  Know and understand what to negotiate and don't sweat the small stuff.  How expensive are stucco inspections? Onsite septic and well inspections?  How much does radon remediation cost?

Hope this was helpful.  Did I miss anything?  Please share your experiences below.

Bela Vora, REALTOR®,
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
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